JC Flowers in Talks to Buy Piece of Banco BTG Pactual

A group of investors led by buyout shop JC Flowers is in talks to buy a piece of Brazil’s Banco BTG Pactual, Reuters reported, citing a story by Bloomberg. The group of investors includes the sovereign wealth fund Government of Singapore Investment Corp., Reuters said. The group will reportedly pay roughly $1.5 billion for a 15% stake in the Brazilian firm.

(Reuters) – An investor group led by U.S. buyout firm JC Flowers is in talks to buy a stake in Brazil’s privately held Banco BTG Pactual SA, Bloomberg said, citing three people with knowledge of the deal.

The investor group includes sovereign wealth fund Government of Singapore Investment Corp (GIC) , the agency said.

The group is looking to buy about 15 percent of the Brazilian firm for about $1.5 billion and an announcement may come as early as this week, people told the agency.

JC Flowers could not immediately be reached for comment by Reuters outside regular U.S. business hours.

GIC’s spokeswoman could not immediately comment on the report to Reuters.

New York-based JC Flowers is a private equity firm focused on the financial sector. (Reporting by Sakthi Prasad in Bangalore and Kevin Lim in Singapore; Editing by Muralikumar Anantharaman)